Anthropic Run Rate Hits $65 Billion and Leaves OpenAI $25 Billion Behind

Anthropic’s annualized revenue run rate reached $65 billion at the end of July, roughly $25 billion above OpenAI’s, according to people familiar with the figures.

The company shared the number in a routine investor update as it prepares for a public listing. Bloomberg reported that the debut could come as soon as this fall.

Anthropic Revenue Run Rate Expands 622% Since Late 2025

Annualized revenue run rate is an estimate of how much revenue a company would generate over a full year if its current revenue pace continued unchanged. Anthropic crossed roughly $9 billion at the end of 2025 and $47 billion in May, Bloomberg reported.

That path works out to a 622% expansion across seven months. The May-to-July stretch alone added $18 billion, a gain of about 38%.

Meanwhile, the AI firm’s preliminary second-quarter revenue topped $11.5 billion, against $787 million in the same quarter a year earlier. Quarterly revenue also more than doubled from $4.73 billion in the first quarter.

Anthropic posted positive adjusted operating income for the period. The company reportedly generated about $10 billion in total revenue throughout 2025, according to financial figures cited by CNBC.

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OpenAI Trails at $40 Billion While Listing Date Stays Open

Bloomberg reported last week that rival OpenAI is on track for a run rate above $40 billion. That figure roughly doubles its level at the end of 2025.

Neither number came from the companies themselves. Both trace to people familiar with the matter, and the two firms may not calculate the metric the same way.

Anthropic filed a confidential prospectus with the Securities and Exchange Commission (SEC) in June and has since held preliminary investor meetings. 

According to Bloomberg, Anthropic is expected to make its Wall Street debut as soon as this fall. Financial Times reported that investors are expecting it to “float at a valuation of $2 trillion.”

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